Neelachal Ispat

While the govt has secured a big win by privatising Air India, it is still far from its initial goal of privatising majority of PSUs

Tata Steel will complete the acquisition of Neelachal Ispat Nigam Limited (NINL) by the end of the current quarter, its CEO and MD T V Narendran said

This is the first time a public sector steel manufacturing company has been privatised in India

Neelachal Ispat is a joint venture of 4 CPSEs and 2 Odisha government PSUs

The central government has accepted most demands made by potential buyers for the joint venture steel company.

The company has been shortlisted as qualified bidder for Shipping Corporation of India, Neelachal Ispat, and BEML

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Plans are afoot to ramp-up the NINL steel plant's nameplate capacity to 10 million tonnes per annum (mtpa) from the current 1.1 mtpa

It is learnt that this strategic sale could be completed only after March 31, and hence, will be part of the 2020-21 divestment pipeline

The company expects to be back in the black powered by the launch of 20 new value-added products

The unit, to come up inside the company's steel plant at Kalinganagar, will produce rebars, rounds and wires with wire rods of two variants of 6-22 mm and 12-18 mm